Spirit Airlines 2015 Annual Report Download - page 36

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36
Year Ended December 31,
2015 2014 2013 2012 2011
(in thousands)
Into-plane fuel cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 454,747 $ 608,033 $ 542,523 $ 471,542 $ 392,278
Realized losses (gains) related to fuel derivatives contracts, net . . . . . . . . . . . . . . 10,580 995 8,958 175 (7,436)
Unrealized losses (gains) related to fuel derivative contracts, net . . . . . . . . . . . . . (3,880) 3,881 265 46 3,204
Aircraft fuel expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 461,447 $ 612,909 $ 551,746 $ 471,763 $ 388,046
(2) Special charges (credits) include: (i) for 2011 amounts relating to exit facility costs associated with moving our Detroit, Michigan maintenance
operations to Fort Lauderdale, Florida; (ii) termination costs in connection with the IPO during the three months ended June 30, 2011 comprised of
amounts paid to Indigo Partners, LLC to terminate its professional services agreement with us and fees paid to three individual, unaffiliated holders
of our subordinated notes; (iii) for 2011 and 2012, a $9.1 million gain related to the sale of four permanent air carrier slots at Ronald Reagan
National Airport (DCA) offset by costs connected with the 2012 secondary offerings; and for 2013, costs related to the 2013 secondary offering; (iv)
for 2013 and 2014, $0.1 million in costs related to the DCA exit; (v) for 2015, amounts related to restructuring charges for outsourcing of ramps and
passenger services.
(3) Substantially all of the interest expense recorded in 2011 relates to notes and preferred stock held by our principal stockholders that were repaid or
redeemed, or exchanged for shares of common stock, in connection with the Recapitalization in 2011 that was effected in connection with the IPO.
Interest expense in 2012 and 2013 primarily relates to interest related to the TRA. Interest expense in 2014 primarily relates to interest related to the
long-term debt, commitment fees and underpayment of Federal Excise Tax for fuel purchases during the period between July 1, 2009 and August
31, 2014. Interest expense in 2015 primarily relates to interest related to financing of purchasing aircraft.
(4) Interest attributable to funds used to finance the acquisition of new aircraft, including PDPs is capitalized as an additional cost of the related asset.
In 2015 capitalized interest primarily represents interest related to the financing of purchased aircraft.
The following table presents balance sheet data for the periods presented:
As of December 31,
2015 2014 2013 2012 2011
Balance Sheet Data: (in thousands)
Cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . $ 803,632 $ 632,784 $ 530,631 $ 416,816 $ 343,328
Total assets (5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,530,545 1,592,753 1,164,522 907,293 733,705
Long-term debt, including current portion . . . . . . . . 646,330 145,663 — — —
Stockholders' equity . . . . . . . . . . . . . . . . . . . . . . . . . 1,225,310 1,003,075 769,117 582,535 466,706
(5) Prior period amounts have been reclassified to conform to ASU No. 2015-17 (ASU 2015-17), "Income Taxes" issued in November 2015. For
additional information, please see "Notes to Financial Statements—2. Recent Accounting Developments."